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How has the coronavirus pandemic impacted the economy in the United States?


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The coronavirus pandemic has had an unprecedented effect on the US economy. As consumer spending shrank and businesses closed, unemployment jumped to 14.8%, its highest level ever recorded. Many industries have experienced deep losses, including the hospitality sector, which has seen a 40.6% drop in revenue compared to last year. Despite a possible V-shaped recovery, the effects of the pandemic on the US economy are likely to be long-term.